Transocean Cites Safety in Bonuses Despite Explosion of Deepwater Rig

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  1. Political Junky
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    Political Junky Gold Member

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    Transocean Cites Safety in Bonuses - WSJ.com :laugh2:

    By DANIEL GILBERT And TENNILLE TRACY

    Transocean Ltd. had its "best year in safety performance" despite the explosion of its Deepwater Horizon rig that left 11 dead and oil gushing into the Gulf of Mexico, the world's largest offshore-rig company said in a securities filing Friday.

    Accordingly, Transocean's executives received two-thirds of their target safety bonus. Safety accounts for 25% of the equation that determines the yearly cash bonuses, along with financial factors including new rig contracts.

    The payout contrasts with that for 2009, when the company withheld all executive bonuses after incurring four fatalities that year "to underscore the company's commitment to safety."

    In a filing on executive pay, Transocean said, "Notwithstanding the tragic loss of life in the Gulf of Mexico, we achieved an exemplary statistical safety record." Based on the total rate of incidents and their severity, "we recorded the best year in safety performance in our company's history."
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  2. waltky
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    waltky Wise ol' monkey Supporting Member

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    BP shares rise 2%...
    :eusa_eh:
    Smaller BP's profits down as oil spill trial looms
    5 Feb.`12 - Shrinking British oil company BP Plc announced quarterly profit down a fifth from a year ago, after it sold assets in preparation for what could be its biggest oil spill payout when the case comes to trial later this month.
     

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